Mortgage Notes and Revolving Credit Facility

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Mortgage Notes and Revolving Credit Facility

6. Mortgage Notes and Revolving Credit Facility

The following table is a summary of the mortgage notes and revolving credit facility secured by the Company’s properties as of December 31, 2021 and 2020 ($ in thousands):

					Principal Balance Outstanding(4)
Indebtedness	Weighted Average Interest Rate(1) (2)	Weighted Average Maturity Date(3)	Maximum Facility Size		December 31, 2021			December 31, 2020
Fixed rate loans
Fixed rate mortgages	2.99%	9/19/2030	N/A		$	3,110,689		$	2,236,290
Total fixed rate loans						3,110,689			2,236,290
Variable rate loans
Floating rate mortgages	L + 1.76%	2/23/2024	N/A			7,052,819			886,594
Variable rate revolving credit facility(5)	S + 1.85%	12/1/2023	$	1,200,000		1,190,683			172,800
Total variable rate loans						8,243,502			1,059,394
Total loans secured by the Company's     properties						11,354,191			3,295,684
Deferred financing costs, net						(80,410	)		(17,208	)
Premium on assumed debt, net						630			286
Mortgage notes and revolving credit       facility, net					$	11,274,411		$	3,278,762

^{(1) The term “L” refers to the one-month LIBOR. As of December 31, 2021, one-month LIBOR was equal to 0.10%.}

^{(2) The term “S” refers to the one-month SOFR. As of December 31, 2021, one-month SOFR was equal to 0.05%.}

⁽³⁾ For loans where the Company, at its own discretion, has extension options, the maximum maturity date has been assumed.

⁽⁴⁾ The majority of the Company’s mortgages contain yield or spread maintenance provisions.

⁽⁵⁾ The Company’s revolving credit facility can be drawn upon to fund the acquisition of future real estate investments. During December 2021, the Company extended this facility to December 1, 2023. The repayment of the revolving credit facility is guaranteed by the Operating Partnership.

The following table presents the future principal payments under the Company’s mortgage notes and revolving credit facility as of December 31, 2021 ($ in thousands):

Year	Amount
2022	$	711,321
2023		6,018,446
2024		529,254
2025		718,822
2026		212,048
Thereafter		3,164,300
Total	$	11,354,191

Pursuant to lender agreements for certain of the Company’s mortgages, the Company has the ability to draw $87.2 million for leasing commissions, tenant and building improvements.

The Company’s mortgage notes and revolving credit facility may contain customary events of default and covenants, including limitations on liens and indebtedness and maintenance of certain financial ratios. The Company is not aware of any instance of noncompliance with financial covenants as of December 31, 2021.